October 22, 2009
EMC Results Down, But Better Than Expected
Hopkinton data storage giant EMC Corp. saw its profit and revenues fall year-over-year in the third quarter, but the company said the results exceeded its expectations.
The company's revenues for the quarter were $3.5 billion, down 5 percent from the same period last year. Net income fell 25 percent to $304 million.
The company noted that its profit and revenues were up from the second quarter and said it has made progress in cutting costs and offering new products.
EMC said it sees companies spending more on IT today than earlier in the recession and that it expects to achieve its financial targets for 2009, which include hitting $13.9 billion in revenues for the year.
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